Jos, Nigeria – The Plateau State Board of Internal Revenue Service (PSIRS) has announced a significant milestone in the state’s revenue generation, recording a historic ₦31.14 billion in Internally Generated Revenue (IGR) as of the close of business in 2024.
PSIRS Chairman Jim Pam Wayas confirmed this achievement while addressing journalists at the board’s conference hall in Jos on Friday. He noted that for the first time in Plateau State’s history, revenue collection had surpassed the ₦30 billion mark, marking a significant leap from previous years.
Steady Growth in Revenue Collection
Wayas highlighted the steady improvement in the state’s IGR over the past few years.
“WHEN THIS ADMINISTRATION STARTED IN 2023, I JOINED HALFWAY THROUGH THE YEAR, AND A LOT HAS HAPPENED SINCE THEN. IN 2022, TOTAL REVENUE GENERATED WAS ₦15.9 BILLION. BY THE END OF 2023, WE INCREASED IT TO ₦25.8 BILLION. HOWEVER, AS OF THE CLOSE OF 2024, WE RECORDED ₦31.14 BILLION IN REVENUE,” HE STATED.
Looking ahead, the Plateau State Government has set an ambitious ₦52 billion revenue target for 2025, signaling its commitment to further boosting internally generated revenue.
“WE NEED TO START 2025 ON A STRONG NOTE, AND WE ARE ON THE RIGHT PATH. IN JANUARY ALONE, WE COLLECTED ABOUT ₦3.3 BILLION, ONE OF THE HIGHEST AMOUNTS EVER COLLECTED IN A SINGLE MONTH. COMPARED TO JANUARY 2024, WHEN WE GENERATED ABOUT ₦1.6 BILLION, THIS REPRESENTS A MAJOR IMPROVEMENT,” WAYAS NOTED.
Challenges with Federal Allocation
The PSIRS chairman also addressed concerns about declining federal allocations to Plateau State, citing debts incurred in previous years as a key factor.
“MANY PEOPLE ARE ASKING ABOUT THE REVENUE BEING GENERATED INTERNALLY AND WHAT IS COMING FROM THE FEDERAL ALLOCATION. THE TRUTH IS THAT FEDERAL ALLOCATION HAS BEEN DECLINING DUE TO DEBTS, MANY OF WHICH WERE TAKEN WHEN THE EXCHANGE RATE WAS AROUND ₦440 TO $1. TODAY, THE EXCHANGE RATE HAS FLUCTUATED, SOMETIMES REACHING AS HIGH AS ₦2,000 TO $1,” HE EXPLAINED.
He further noted that the state’s subsidy allocation has been in the negative for the past six months, as federal deductions significantly reduce the actual amount Plateau State receives.
Expanding Revenue Sources
To counter these financial challenges, Wayas emphasized the need to broaden the state’s revenue base by identifying new sources and plugging loopholes in tax collection.
“WE ARE NOW EXPLORING OUR INTERNALLY GENERATED REVENUE (IGR) POTENTIAL, AND I MUST COMMEND GOVERNOR CALEB MUTFWANG FOR TAKING BOLD STEPS TO DO THINGS DIFFERENTLY. THE ENTIRE REVENUE SYSTEM IS UNDERGOING TRANSFORMATION, AND WE ARE IDENTIFYING UNTAPPED REVENUE SOURCES,” HE SAID.
He added that the PSIRS is strengthening collaboration with key stakeholders such as the Joint Tax Board, Tax Appeal Tribunal, and the Federal Inland Revenue Service (FIRS) to enhance seamless revenue collection.
As Plateau State sets its sights on achieving its ₦52 billion revenue target for 2025, efforts are being intensified to ensure sustainable economic growth and infrastructural development for its citizens.
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